Western Sydney land values were issued on Friday by the NSW Valuer-General, Simon Gilkes, reflecting the market at July 1 last year
Values across the region generally increased in the year to that date.
Property sales are most important when determining values.
“We consider different factors, with a strong focus on property sales in a region,” Mr Gilkes said. “It’s important to note that land value relates to the value of the land if it were vacant; it doesn’t include the value of a home or any improvements.”
These values will be used to calculate land tax for 2018. Those registered for land tax will get a notice of assessment from Revenue NSW from January 10.
This year land values won’t be used for calculating council rates. Councils get new land values for rating every three years and are currently using July 1, 2016 values. New values for council ratings will be made next hear.
Total land value for western Sydney is up by 16.3 per cent, from $263.4 billion to $306.2 billion.
This trend was seen in all areas in the region, the greatest overall increase at Camden (20.9 per cent). This increase was driven by land releases and new housing estates, the redevelopment of Narellan town centre, the proximity of the South-West Rail Link and the widening of Camden Valley Way and Bringelly Road which cut traffic congestion. The biggest increase was in the rural sector where values jumped by 31 per cent. This was due to a significant number of rural properties being in growth centres on land to be rezoned for urban purposes, driving high demand for remaining rural land.
Residential land values increased strongly overall, by 15.1 per cent. Residential land values increased most at Penrith (19.8 per cent), Campbelltown (18.8 per cent), Liverpool (17.3 per cent) and Camden (16.8 per cent) which had major urban expansion.
Commercial land values increased strongly, by 13.9 per cent with the strongest increases at Camden (24.5 per cent) and Liverpool (19 per cent).
- More: valuergeneral.nsw.gov.au or 1800 110 038.
- If you own land in NSW and are liable for land tax you can register and get details at: revenue.nsw.gov.au.